American Tower Corp (NYSE:AMT) Shares Bought by Ropes Wealth Advisors LLC

Ropes Wealth Advisors LLC raised its holdings in American Tower Corp (NYSE:AMT) by 704.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,458 shares of the real estate investment trust’s stock after acquiring an additional 3,028 shares during the period. Ropes Wealth Advisors LLC’s holdings in American Tower were worth $707,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. FMR LLC grew its stake in shares of American Tower by 13.3% during the 1st quarter. FMR LLC now owns 22,818,504 shares of the real estate investment trust’s stock valued at $4,496,615,000 after buying an additional 2,673,794 shares during the period. Jennison Associates LLC grew its stake in shares of American Tower by 28.3% during the 1st quarter. Jennison Associates LLC now owns 3,697,620 shares of the real estate investment trust’s stock valued at $728,653,000 after buying an additional 816,380 shares during the period. BlackRock Inc. grew its stake in shares of American Tower by 2.1% during the 1st quarter. BlackRock Inc. now owns 30,336,022 shares of the real estate investment trust’s stock valued at $5,978,017,000 after buying an additional 610,821 shares during the period. Geode Capital Management LLC grew its stake in shares of American Tower by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 5,244,004 shares of the real estate investment trust’s stock valued at $827,966,000 after buying an additional 525,601 shares during the period. Finally, Waverton Investment Management Ltd grew its stake in shares of American Tower by 882.3% during the 1st quarter. Waverton Investment Management Ltd now owns 427,933 shares of the real estate investment trust’s stock valued at $84,328,000 after buying an additional 384,368 shares during the period. Institutional investors own 93.68% of the company’s stock.

American Tower stock traded down $0.31 during trading on Tuesday, reaching $221.91. 58,207 shares of the company’s stock were exchanged, compared to its average volume of 1,668,266. The business’s 50-day simple moving average is $210.23. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.49 and a current ratio of 0.49. American Tower Corp has a 52-week low of $140.40 and a 52-week high of $224.71. The company has a market cap of $98.38 billion, a price-to-earnings ratio of 27.79, a price-to-earnings-growth ratio of 1.80 and a beta of 0.50.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.91). American Tower had a return on equity of 24.75% and a net margin of 19.30%. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period last year, the company posted $1.74 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, research analysts anticipate that American Tower Corp will post 7.66 EPS for the current fiscal year.

In related news, Director David E. Sharbutt sold 2,039 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $217.59, for a total transaction of $443,666.01. Following the completion of the sale, the director now directly owns 3,936 shares of the company’s stock, valued at approximately $856,434.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Robert Joseph Meyer, Jr. sold 44,168 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $198.33, for a total transaction of $8,759,839.44. Following the sale, the senior vice president now directly owns 54,460 shares of the company’s stock, valued at $10,801,051.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 235,288 shares of company stock valued at $48,364,658. 0.75% of the stock is owned by corporate insiders.

Several brokerages have recently issued reports on AMT. SunTrust Banks boosted their price objective on shares of American Tower to $230.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Wells Fargo & Co cut shares of American Tower from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $190.00 to $196.00 in a research note on Monday, April 15th. They noted that the move was a valuation call. UBS Group cut shares of American Tower from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $195.00 to $222.00 in a research note on Friday, June 7th. Royal Bank of Canada boosted their price objective on shares of American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, May 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. American Tower currently has an average rating of “Hold” and a consensus price target of $195.60.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 171,000 communications sites.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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